The ranking of the business environment in the Harbin area of the China Heilongjiang Pilot Free Trade Zone among the 190 economies in the world has risen to 52nd from 80th since its establishment, according to the latest assessment based on the World Bank Business Environment Evaluation System.

The Harbin FTZ – located in Harbin, capital of China’s northernmost Heilongjiang province – was approved by the State Council, China’s Cabinet, on Aug 26, 2019.

It aims to be a highland for wide-ranging commerce between Russia and Northeast Asia, a national logistics hub connecting domestic and Eurasian regions, and a growth springboard and demonstration zone for the full-scale revitalization of the northeast region.

Officials said that convenience in starting a business is an important indicator in the World Bank's business environment evaluation system.

They said that since last year, the Harbin FTZ has focused on further improving the efficiency of business start-ups, breaking down space barriers and maximizing the convenience of international companies and investors from different places to register their enterprises.

As of the end of June, there were 2,875 newly established enterprises and 44 newly signed projects in Harbin FTZ since its establishment. The total investment in the same period in the zone had reached 166.98 billion yuan ($23.84 billion), officials said.